Which of the following statements regarding the difference between the requirements for a qualifying child and the requirements for a qualifying relative is false?• The relationship requirement is more broadly defined (more inclusive) for qualifying relatives than for qualifying children. • Qualifying children are subject to age restrictions while qualifying relatives are not. • The support test for qualifying relatives focuses on the support the potential dependent self-provides while the support test for qualifying children focuses on the support the taxpayer provides. • Qualifying relatives are subject to a gross income restriction while qualifying children are not.

In general, as long as the number of firms that possess a particular valuable resource or capability is less than the number of firms needed to generate perfect competition dynamics in an industry, that resource or capability can be considered and a potential source of competitive advantage.answers: valuablerareinimitableun-substitutable

Paar corporation bought 100 percent of kimmel, inc., on january 1, 2012. on that date, paar’s equipment (10-year life) has a book value of $420,000 but a fair value of $520,000. kimmel has equipment (10-year life) with a book value of $272,000 but a fair value of $400,000. paar uses the equity method to record its investment in kimmel. on december 31, 2014, paar has equipment with a book value of $294,000 but a fair value of $445,200. kimmel has equipment with a book value of $190,400 but a fair value of $357,000. the consolidated balance for the equipment account as of december 31, 2014 is $574,000. what would be the impact on consolidated balance for the equipment account as of december 31, 2014 if the parent had applied the initial value method rather than the equity method? the balance in the consolidated equipment account cannot be determined for the initial value method using the information given. the consolidated equipment account would have a higher reported balance. the consolidated equipment account would have a lower reported balance. no effect: the method the parent uses is for internal reporting purposes only and has no impact on consolidated totals.

Kis the insured and p is the sole beneficiary on a life insurance policy. both are involved in a fatal accident where k dies before p. under the common disaster provision, which of these statements is true?